Byron Wien Explains This Stock Market

The respected Wall Streeter analyzes the past year and contends that the Fed won't taper before next spring.

I think most investors would agree that as the year began they did not expect the Standard & Poor's 500 to have risen 27% by Thanksgiving. Stocks have continually worked their way higher, with the only meaningful corrections occurring in June, August and October when the talk of reducing the $85 billion a month monetary easing program picked up (June, August) and the government shutdown (October).

All of this has taken place without the help of especially strong earnings or declining interest rates. The U.S. economy...